Some say he is the Republicans' Rorschach test: They all see in him what they crave. Or he might be the Republicans' dot-com bubble, the result of restless political investors seeking value that the untutored eye might not discern and that might be difficult to quantify but which the investors are sure must be there, somewhere, somehow.

One does not want to be unfair to Thompson, who may have hidden depths. But ask yourself this: If he did not look like a basset hound who had just read a sad story—say, "Old Yeller"—and if he did not talk like central casting's idea of the god Sincerity, would anyone think he ought to be entrusted with the nation's nuclear arsenal? He is an actor, and, as a Hollywood axiom says, the key to acting is sincerity—if you can fake that, you've got it made.